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Breville CEO Shock Departure

Breville CEO Shock DepartureThe group announced the shock departure as it released FY14 results which saw group sales jump 11% to A$541.6 although earnings fell. 

Lord has been CEO of Breville since 2012 but his departure is effective immediately. 
No reason for the move was given but Breville’s board is “determined to have the best leadership in place to deliver the company’s global growth strategy,” the Chairman said today.   
The small appliance maker reported strong consumer acceptance of new products in ANZ but increased revenues partially offset margin reduction from the stronger US dollar. 
Breville’s earnings (EBIT) fell almost 10% in Australia but tumbled over 20% in the US. Profits also slipped slightly in the 12 months to June 30.
Company Chairman Steven Fisher thanked Lord for his contribution over the past five years as Group GM Product & Marketing and then as CEO from 2012, and gave a bullish statement about future growth. 
“Everyone at Breville wishes Jack well in his future endeavours.
“Breville continues to grow… the business is becoming increasingly global and the Board is determined to have the best leadership in place to deliver the company’s global growth strategy.”   
Management are focused on further leveraging Breville’s infrastructure, with a view to maximising revenues and building efficiencies in every market entered, he said.  
“Breville has grown strongly over recent years and is in good shape. We are fully committed to our ‘Food Thinking’ strategy, which will continue to drive product innovation and market diversification.” 
The company will commence a search for a new CEO immediately.
Mervyn Cohen, Breville CFO has been appointed Interim CEO and will continue to fulfill his responsibilities as the company’s top number cruncher. 
He previously served as Interim CEO for three months in 2008. 
Image credit: AFR